RATE Group | CME Bitcoin Futures Just Opened, and It May Catapult BTC Back to $10ks
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CME Bitcoin Futures Just Opened, and It May Catapult BTC Back to $10ks

17 Feb CME Bitcoin Futures Just Opened, and It May Catapult BTC Back to $10ks

Posted at 01:03h in Bitcoin News by

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The CME bitcoin futures market just opened, and it could be the catalyst that leads the recovery of BTC back to the $10,000s.

Throughout the weekend, the bitcoin price dropped from $10,500 to as low as $9,650, liquidating a significant amount of long contracts.

Why CME open can lead bitcoin recovery

On active days, the CME bitcoin futures market settles between $300 million to $500 million in daily volume.

In May 2019, for instance, when the bitcoin price was hovering at around $13,000, CME recorded an average volume of $515 million per day on its bitcoin futures contracts.

While margin trading platforms such as BitMEX and Binance Futures process billions of dollars in daily volume on paper, they are highly leveraged and as such, the real volume is only a fraction of the represented volume.

CME accounts for a large portion of the daily trading volume of the global bitcoin market. Traders have theorized that it may be the reason behind heightened volatility during weekends in the…

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